China’s Reward Science mining affiliate files for bankruptcy

By Sarah Lizee

Olympia, Wash., Nov. 19 – Reward Science and Technology Industry Group Co., Ltd., the guarantor of Reward International Investment Ltd.’s $200 million 7¼% notes due 2020, announced that the Beijing Chaoyang District People’s Court ruled on Nov. 6 to accept the application for the bankruptcy and reorganization of the Beijing Zitong Hongfa Mining Investment Co., Ltd.

Reward Science maintained significant financial transactions with Beijing Zitong, and as the largest creditor of Beijing Zitong, it also acted as the debt guarantor.

Beijing Weiheng Law Firm has been designated as the administrator.

In addition, on Nov. 4 the court granted permission for self-management of Reward Homecare Chemical (Jiangsu) Co.

The written decision allows for Reward Homecare to manage property and business affairs under the supervision of the administrator.

Beijing-based Reward Science and Technology makes and distributes food products, including milk powder and anhydrous butter products.

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